Observatory accommodation in demand

If you're looking to join the thriving Cape Town tourism industry, look no further, says Cornell de Korte, Knight Frank Anne Porter's agent for Observatory. A well maintained historical home in Observatory, already being run as a thriving self­catering guesthouse, has just become available through Knight Frank, at a listed price of R3 675 000.

“With the serene charm of a bygone era, this 116 year old house has the trimmings you would expect from a Victorian classic,” said de Korte. “The home has a broekie lace trimmed verandah, cast-iron fireplaces and bathtubs, glass drop chandeliers, high ceilings, sash windows and wooden floors. In addition to these and many other quaint features, it has a modern open-plan kitchen that would inspire the chef in anyone. The decor is somewhat eclectic and the owners are willing to part with some of these pieces as part of the sale arrangement, at an additional cost.”

This home has nine bedrooms - eight with en suite bathrooms and a secluded leafy garden with views of Devil's Peak, which can be enjoyed from the garden and the splash pool. The plot is 648m² and well set up for outdoor entertaining, with a fire pit providing the perfect setting for braais on summer evenings or to warm you on chilly winter nights, he said.

Currently operating as a guesthouse, the enterprise has a steady stream of international tourists and academics, said de Korte. “There is a good mix of short and long-term guests (a month or more at a time) - mostly students and post­graduates attending conferences or lectures at the nearby academic institutions, or travellers using it as base from which to set off to visit other parts of the country.”

The market in Observatory is constantly growing and the image has improved dramatically, with OBSCID and GSCID working together to maintain security and clean up the area. Observatory has evolved into a suburb in which families enjoy a village­ like community spirit within easy walking distance of many excellent restaurants, markets coffee shops and boutique stores.

Observatory's close proximity to major highways, good schools (including the local primary school), nursery schools, major shopping centres as well as being within 10 minutes drive of UCT makes it a popular choice for a rich diversity of people, said de Korte.

"We find that the average buyers here are young professionals and families, who are looking for larger homes that offer value for money which can be renovated to suit their requirements. Today people are more likely to extend their current homes as their needs change, rather than move on to another area," said de Korte.

The average selling price in Observatory, according to CMA Info, is up by just under 10% from R1 050 000 to R1 150 000 from 2011 to the end of 2012, with the highest price achieved being R2 290 000.

"This area is still very affordable," said de Korte. "There are many investors who are seeing the benefit of buying here and generating rental income from students, thanks to the high demand for accommodation. This is in line with trends in London and other major cities in the world where student accommodation is giving one of the best returns on investments on lets per room."

Article from: www.anneporter.co.za

comments powered by Disqus